Client-focused consistency

Objective

Delaware Tax-Free Minnesota Intermediate Fund seeks to provide investors with preservation of capital and, secondarily, current income exempt from federal income tax and Minnesota state personal income taxes, by maintaining a dollar-weighted average effective portfolio maturity of 10 years or less.

Strategy

The Fund primarily invests in Minnesota state and local municipal bonds with various maturities, the income from which is exempt from federal income tax and Minnesota state personal income taxes.

Fund information

Inception date

10/27/1985

Dividends paid (if any)

Monthly

Capital gains paid (if any)

December

Fund identifiers

NASDAQ

DXCCX

CUSIP

928930106

Investment minimums

Initial investment

$1,000

Subsequent Investments

$100

Systematic withdrawal balance

$5,000

Account features

Checkwriting

No

Payroll Deduction

Yes

IRAs

No

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

South Washington County Independent School District No 833/MN 4.000 2/1/2022

750,000.00

$797,977.50

4.000

02/01/2022

0.76

St Paul Housing & Redevelopment Authority 5.000 12/1/2025

1,000,000.00

$1,115,030.00

5.000

12/01/2025

1.06

St Paul Housing & Redevelopment Authority 5.000 2/1/2020

500,000.00

$501,725.00

5.000

02/01/2020

0.47

St Paul Housing & Redevelopment Authority 5.000 2/1/2027

1,000,000.00

$1,087,130.00

5.000

02/01/2027

1.03

St Paul Housing & Redevelopment Authority 5.000 5/1/2033

500,000.00

$520,005.00

5.000

05/01/2033

0.49

St Paul Housing & Redevelopment Authority 5.250 11/15/2028

2,000,000.00

$2,290,420.00

5.250

11/15/2028

2.18

St Paul Housing & Redevelopment Authority 6.250 8/1/2030

1,000,000.00

$1,067,450.00

6.250

08/01/2030

1.01

St Paul Port Authority 4.500 10/1/2037

1,025,000.00

$1,033,958.50

4.500

10/01/2037

0.98

State of Minnesota 4.250 6/1/2018

1,170,000.00

$1,294,967.70

4.250

06/01/2018

1.23

State of Minnesota 4.500 6/1/2025

1,000,000.00

$1,120,120.00

4.500

06/01/2025

1.06

State of Minnesota 5.000 10/1/2022

400,000.00

$482,700.00

5.000

10/01/2022

0.46

State of Minnesota 5.000 10/1/2022

1,000,000.00

$1,228,860.00

5.000

10/01/2022

1.17

State of Minnesota 5.000 12/1/2021

1,000,000.00

$1,169,680.00

5.000

12/01/2021

1.11

State of Minnesota 5.000 3/1/2021

250,000.00

$297,845.00

5.000

03/01/2021

0.28

State of Minnesota 5.000 3/1/2027

1,000,000.00

$1,190,300.00

5.000

03/01/2027

1.13

State of Minnesota 5.000 6/1/2038

1,100,000.00

$1,272,722.00

5.000

06/01/2038

1.21

State of Minnesota 5.000 6/1/2043

715,000.00

$815,228.70

5.000

06/01/2043

0.77

State of Minnesota 5.000 8/1/2015

2,000,000.00

$2,057,000.00

5.000

08/01/2015

1.96

University of Minnesota 5.000 12/1/2023

1,000,000.00

$1,191,700.00

5.000

12/01/2023

1.13

University of Minnesota 5.000 12/1/2026

1,000,000.00

$1,177,320.00

5.000

12/01/2026

1.12

University of Minnesota 5.000 8/1/2018

1,500,000.00

$1,608,720.00

5.000

08/01/2018

1.53

University of Minnesota 5.250 12/1/2028

750,000.00

$893,235.00

5.250

12/01/2028

0.85

University of Minnesota 5.750 7/1/2016

1,000,000.00

$1,080,480.00

5.750

07/01/2016

1.03

University of Minnesota 5.750 7/1/2018

400,000.00

$464,964.00

5.750

07/01/2018

0.44

US DOLLARS*

213,396.17

$213,396.17

0.000

-

0.20

Virginia Housing & Redevelopment Authority 5.250 10/1/2025

880,000.00

$894,581.60

5.250

10/01/2025

0.85

Western Minnesota Municipal Power Agency 5.000 1/1/2033

1,250,000.00

$1,470,162.50

5.000

01/01/2033

1.40

White Bear Lake Independent School District No 624 4.750 2/1/2022

1,000,000.00

$1,120,320.00

4.750

02/01/2022

1.06

Woodbury Housing & Redevelopment Authority 5.000 12/1/2034

500,000.00

$511,365.00

5.000

12/01/2034

0.48

Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent month-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

South Washington County Independent School District No 833/MN 4.000 2/1/2022

750,000.00

$797,977.50

4.000

02/01/2022

0.76

St Paul Housing & Redevelopment Authority 5.000 12/1/2025

1,000,000.00

$1,115,030.00

5.000

12/01/2025

1.06

St Paul Housing & Redevelopment Authority 5.000 2/1/2020

500,000.00

$501,725.00

5.000

02/01/2020

0.47

St Paul Housing & Redevelopment Authority 5.000 2/1/2027

1,000,000.00

$1,087,130.00

5.000

02/01/2027

1.03

St Paul Housing & Redevelopment Authority 5.000 5/1/2033

500,000.00

$520,005.00

5.000

05/01/2033

0.49

St Paul Housing & Redevelopment Authority 5.250 11/15/2028

2,000,000.00

$2,290,420.00

5.250

11/15/2028

2.18

St Paul Housing & Redevelopment Authority 6.250 8/1/2030

1,000,000.00

$1,067,450.00

6.250

08/01/2030

1.01

St Paul Port Authority 4.500 10/1/2037

1,025,000.00

$1,033,958.50

4.500

10/01/2037

0.98

State of Minnesota 4.250 6/1/2018

1,170,000.00

$1,294,967.70

4.250

06/01/2018

1.23

State of Minnesota 4.500 6/1/2025

1,000,000.00

$1,120,120.00

4.500

06/01/2025

1.06

State of Minnesota 5.000 10/1/2022

400,000.00

$482,700.00

5.000

10/01/2022

0.46

State of Minnesota 5.000 10/1/2022

1,000,000.00

$1,228,860.00

5.000

10/01/2022

1.17

State of Minnesota 5.000 12/1/2021

1,000,000.00

$1,169,680.00

5.000

12/01/2021

1.11

State of Minnesota 5.000 3/1/2021

250,000.00

$297,845.00

5.000

03/01/2021

0.28

State of Minnesota 5.000 3/1/2027

1,000,000.00

$1,190,300.00

5.000

03/01/2027

1.13

State of Minnesota 5.000 6/1/2038

1,100,000.00

$1,272,722.00

5.000

06/01/2038

1.21

State of Minnesota 5.000 6/1/2043

715,000.00

$815,228.70

5.000

06/01/2043

0.77

State of Minnesota 5.000 8/1/2015

2,000,000.00

$2,057,000.00

5.000

08/01/2015

1.96

University of Minnesota 5.000 12/1/2023

1,000,000.00

$1,191,700.00

5.000

12/01/2023

1.13

University of Minnesota 5.000 12/1/2026

1,000,000.00

$1,177,320.00

5.000

12/01/2026

1.12

University of Minnesota 5.000 8/1/2018

1,500,000.00

$1,608,720.00

5.000

08/01/2018

1.53

University of Minnesota 5.250 12/1/2028

750,000.00

$893,235.00

5.250

12/01/2028

0.85

University of Minnesota 5.750 7/1/2016

1,000,000.00

$1,080,480.00

5.750

07/01/2016

1.03

University of Minnesota 5.750 7/1/2018

400,000.00

$464,964.00

5.750

07/01/2018

0.44

US DOLLARS*

213,396.17

$213,396.17

0.000

-

0.20

Virginia Housing & Redevelopment Authority 5.250 10/1/2025

880,000.00

$894,581.60

5.250

10/01/2025

0.85

Western Minnesota Municipal Power Agency 5.000 1/1/2033

1,250,000.00

$1,470,162.50

5.000

01/01/2033

1.40

White Bear Lake Independent School District No 624 4.750 2/1/2022

1,000,000.00

$1,120,320.00

4.750

02/01/2022

1.06

Woodbury Housing & Redevelopment Authority 5.000 12/1/2034

500,000.00

$511,365.00

5.000

12/01/2034

0.48

Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

Joe Baxter biography

Joe Baxter

Joseph R. Baxter is the head of the municipal bond department and is responsible for setting the department’s investment strategy. He is also a co-portfolio manager of the firm’s municipal bond funds and several client accounts. Before joining Delaware Investments in 1999 as head municipal bond trader, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. Baxter received a bachelor’s degree in finance and marketing from La Salle University.

Steve Czepiel

Steve Czepiel biography

Steve Czepiel

Senior Vice President, Senior Portfolio Manager

Stephen J. Czepiel is a member of the firm’s municipal fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts. He joined Delaware Investments in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.

Greg Gizzi

Greg Gizzi biography

Greg Gizzi

Senior Vice President, Senior Portfolio Manager

Gregory A. Gizzi is a member of the firm’s municipal fixed income portfolio management team. He is also a co-portfolio manager of the firm’s municipal bond funds and several client accounts. Before joining Delaware Investments in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees

Maximum sales charge (load) imposed on purchases as a percentage of offering price

2.75%

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

1The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.69% of the Fund's average daily net assets from Dec. 29, 2014 through Dec. 29, 2015. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor) has contracted to limit the Fund's Class A shares' 12b-1 fees to no more than 0.15% of the Class A shares' average daily net assets from Dec. 29, 2014 through Dec. 29, 2015. These waivers and reimbursements may only be terminated by agreement of the Manager or Distributor, as applicable, and the Fund.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, and other factors of that state than funds that invest more broadly.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 03/02/2015)

Class A

Price

Net change

YTD

NAV

$11.33

-0.01

0.50%

Max offer price

$11.65

n/a

n/a

Total net assets (as of 01/31/2015)

$105.0 million all share classes

Lipper ranking (as of 01/31/2015)

Lipper disclosure

Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.

Any Macquarie Group entity or fund noted on this page is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and that entity's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds' distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.